Karoon Energy, formerly Karoon Gas Australia, was listed on the Australian Securities Exchange in June 2004 and spent its first 15 years or so raising equity to direct to petroleum exploration, including in the Browse Basin offshore Western Australia and in the Santos Basin offshore Brazil. The company raised over AUD 850 million in new equity between 2004 and 2019, but the approximate AUD 300 million market capitalization in 2019 basically reflected simply the remaining net cash on the balance sheet. No cash-generative assets had been delivered and no shareholder returns made.